The term "Two Ladies" was a religious euphemism for Wadjet and Nekhbet, the deities who were the patrons of the Ancient Egyptians and worshiped by all after the unification of its two parts, Lower Egypt, and Upper Egypt.
Use of the term
The term "Two Ladies" was used by the Ancient Egyptians whenever they adressed the godesses in royal context, or whenever they thought they were not allowed to mention the Two Ladies by their names. This could happen, for example, within personal names of citizens, when they wanted to connect their name to the goddesses. It was not uncommon in Ancient Egypt, that private persons were not allowed to write the name of a certain deity in it's "true" hieroglyphic form. A good comparitive example is that of the god Râ: only the king was allowed to use the sun-disc in his name; humble citizens, priests and even royal heirs had to write Râ's name with the signs mouth + arm + single stroke.